LendingClub (NYSE:LC) Sets New 1-Year High – Here’s Why

Shares of LendingClub Co. (NYSE:LC) reached a new 52-week high on Monday . The company traded as high as $17.84 and last traded at $17.68, with a volume of 1670083 shares trading hands. The stock had previously closed at $16.56.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. StockNews.com cut LendingClub from a “hold” rating to a “sell” rating in a research note on Friday, October 25th. Maxim Group boosted their target price on LendingClub from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Wedbush increased their price target on shares of LendingClub from $14.00 to $17.00 and gave the company an “outperform” rating in a research report on Thursday, October 24th. Piper Sandler restated an “overweight” rating and set a $15.00 price objective (up previously from $13.00) on shares of LendingClub in a report on Thursday, October 24th. Finally, Keefe, Bruyette & Woods upped their target price on shares of LendingClub from $15.00 to $17.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $16.00.

LendingClub Stock Up 8.2 %

The firm has a market capitalization of $2.01 billion, a price-to-earnings ratio of 39.74 and a beta of 2.02. The business’s fifty day moving average is $14.60 and its 200 day moving average is $11.71.

LendingClub (NYSE:LC) last released its earnings results on Wednesday, October 23rd. The credit services provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.07 by $0.06. The firm had revenue of $201.90 million for the quarter, compared to analysts’ expectations of $190.40 million. LendingClub had a return on equity of 4.02% and a net margin of 6.85%. The business’s quarterly revenue was up .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.05 EPS. Equities research analysts expect that LendingClub Co. will post 0.47 EPS for the current year.

Insider Buying and Selling

In other news, Director John C. Morris sold 2,500 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $14.36, for a total transaction of $35,900.00. Following the transaction, the director now directly owns 203,348 shares in the company, valued at $2,920,077.28. The trade was a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Scott Sanborn sold 17,000 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $11.09, for a total transaction of $188,530.00. Following the completion of the sale, the chief executive officer now owns 1,356,273 shares of the company’s stock, valued at $15,041,067.57. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 75,500 shares of company stock worth $1,073,100. 3.31% of the stock is owned by insiders.

Hedge Funds Weigh In On LendingClub

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC raised its holdings in LendingClub by 16.3% in the 2nd quarter. SG Americas Securities LLC now owns 12,344 shares of the credit services provider’s stock valued at $104,000 after acquiring an additional 1,732 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of LendingClub by 45.0% during the second quarter. Assenagon Asset Management S.A. now owns 689,028 shares of the credit services provider’s stock worth $5,829,000 after purchasing an additional 213,823 shares during the period. Bank of New York Mellon Corp lifted its holdings in LendingClub by 9.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 447,522 shares of the credit services provider’s stock worth $3,786,000 after purchasing an additional 38,912 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in LendingClub by 93.0% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 34,468 shares of the credit services provider’s stock valued at $292,000 after purchasing an additional 16,606 shares during the period. Finally, Innealta Capital LLC acquired a new position in LendingClub in the 2nd quarter valued at $72,000. Institutional investors and hedge funds own 74.08% of the company’s stock.

About LendingClub

LendingClub Corporation, operates as a bank holding company, that provides range of financial products and services in the United States. It offers deposit products, including savings accounts, checking accounts, and certificates of deposit. The company also provides loan products, such as consumer loans comprising unsecured personal loans, secured auto refinance loans, and patient and education finance loans; and commercial loans, including small business loans.